ExtStock is this a scam? Review and Customers Reviews

ExtStock – This is a brand new exchanger Cryptocurrencies from the UK. The platform launched in February 2018. The United Kingdom is the country where most cryptocurrency exchanges in the world. ExtStock has a rather limited number of supported cryptocurrencies. You won’t find any altcoins with low market capitalization here, but only the four largest ones (bitcoin, etherium, lightcoin and bitcoin cash) plus its own currency – XNODE token.

ExtStock promotes the four benefits of their trading platform on their website. They claim that the trading platform is safe (over 90% of assets in cold storage), 99.9% of uptime, and trading fees are from 0.1%.

 

Why ExtStock?

From day one, Extstock has set the highest standards of quality, giving customers tangible advantages in cryptocurrency trading. Their API can handle up to 1,000 applications per second, making ExtStock an ideal platform for scalping and high-frequency trading.

ExtStock is a solid team of professionals who left the banking sector (Barclays, Lloyds, HSBC). This experience allows us to create a truly unique product that connects the two worlds – traditional finance and cryptocurrencies. ExtStock strives to make the cryptocurrency market even closer and easier, and trading on it – convenient and efficient.

Today more than 20 thousand traders have become ExtStock clients, and this number is constantly growing. In the near future the exchange plans to open two more offices – in New York and Seoul, to open new trading opportunities for even more traders. ExtStock is also open to U.S. investors. At least there are no specific banned jurisdictions listed in the exchange terms or user agreements.

 

How to exchange cryptocurrency on the extstock.com platform?

Site interface extstock.com is well designed and looks functional. It has a list of orders, trading history, market quotation window and charts with several technical analysis indicators. In order to start trading, you must first register. Then, traders must deposit one of the supported currencies into their account. Next, they need to complete the verification process if prompted. Users are then free to buy or sell cryptocurrencies on the “Exchange” page.

Trading in the market is done in this way: market makers place buy or sell orders in the market before transactions are made, which creates liquidity in the exchange. Market participants conclude transactions at the current market offer. To register an account, you need to perform standard actions:

• Enter your email address (used as an identifier on the site).
• Enter your password.
• Enter a CAPTCHA.
• Read the terms and agree to them.
• Click the “Register” button.
• Follow the instructions sent by email.

New cryptocurrency exchanges come with a certain level of risk, as is always the case with new investment projects. ExtStock has set certain requirements in terms of transaction sizes. The minimum required to trade bitcoins is 0.0001 BTC and the maximum is 100 BTC (How to Make Money on Cryptocurrency?). Margin trading is not available on ExtStock, most crypto exchanges do not offer this kind of service. This is probably due to the volatile nature of digital coins, to which leverage can add additional risk.

 

Verification on the ExtStock platform

For verification purposes, send the following color photos:

• Photo of passport or ID-card.
• If the deposit was made through a payment system: a picture of the person with the payment system in the background. The screen must contain the first and last name and/or a transaction confirming that the funds have been credited to the ExtStock account.
• If the deposit was made with a bank card: photo of the person next to the bank card. The owner’s first and last name and the first 6 and last 4 digits of the number must be visible in the photo.

Be careful, the information must be clearly visible. Use only original documents!

 

Deposit and withdrawal

To deposit money into your account, you can go to the “Deposits and Withdrawals” page and click on the “Deposit” link. To withdraw funds, you need to go to “Deposits and withdrawals”, click on “Withdraw funds”, then fill in the proposed mandatory fields required for withdrawal.

Withdrawal of funds may take up to 72 hours if the password has been changed. Traders will be notified by e-mail. If the client didn’t change his password, it’s necessary to urgently contact customer support. Withdrawal of funds may be restricted for additional protection. In such a situation it is advised to contact the client support team.

Cryptoexchange Commission

On the site extstock.com presents commission data for each currency and cryptocurrency.

 

Extstock bonuses

On the site extstock.com there is no separate section for bonuses. But the exchange has a Twitter account, where current news, useful facts and events are regularly posted.

Discount on trade commissions

One of the important advantages of trading on ExtStock is the reduced trading fees, depending on the number of tokens on the exchange. XT Token holders will be able to:

• Pay 100% trading commissions with XT tokens (if you have enough of them on your trading account balance).
• Save up to 95% trading commissions, depending on how many coins are held in their account.
• Traders with 1 to 5,000 tokens receive a 10% discount on trading commissions.
• Traders with between 5,001 and 50,000 tokens receive a 25% discount on trading commissions.
• Traders with 50,001 to 100,000 tokens receive a 50% discount on trading commissions.
• Traders with between 100,001 and 250,000 tokens receive a 75% discount on trading commissions.
• Traders with 250,001 or more tokens receive a 95% discount on trading commissions.

Referral program

Any user of the exchange can attract new traders on his referral link and earn money on this:

• Earnings for registration. When registering through a referral link, each trader receives 100 XT tokens after passing the KYC check. The referrer also receives 100 tokens for each confirmed registration. On the ExtStock exchange there is no mandatory verification, but it is required to receive remuneration.
• Revenues from trade. The exchange will pay out up to 80% of its profits from the trades of referred traders. Moreover, the higher the percentage of referrals paid in XT tokens, the larger the payout will be. In addition, the percentage of payouts depends on the total turnover of all referrals and can reach 80% of the exchange proceeds.

In addition, users who have attracted more than 1,000 users have the opportunity to get a branded registration page ExtStock with their logo and information about cooperation with the exchange.

 

Complaints against ExtStock

ExtStock is a new cryptocurrency platform that facilitates both coin and fiat trades. While the platform itself is good and the trading fees are competitive, the deposit and withdrawal methods used and transfer fees are not specified. This raises a lot of questions from traders on the forums. Another thing on which topics of discontent are created is the fact that certain minimum and maximum trading limits are set. There are no outright accusations of cheating or fraudulent comments with evidence.

ExtStock provides the name of the legal entity behind them, but little is known about this legal entity other than it is registered in the UK. They are not regulated by the UK Financial Conduct Authority (FCA) or other bodies.

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Crypto exchange regulation

Cryptocurrency is a decentralized digital currency. No government can influence the exchange rate of cryptocurrencies, and no government agency can control transactions. Because of cryptographic data protection mechanisms, it is impossible to obtain information about the parties involved in transactions.

One of the most common actions identified in the jurisdictions studied is government notices about the pitfalls of investing in cryptocurrency markets. Such warnings, issued by central banks, are designed to educate citizens about the difference between actual currencies, which are issued and guaranteed by the government, and cryptocurrencies. Most government warnings note the added risk posed by the high volatility associated with cryptocurrencies and the fact that many of the organizations that facilitate such transactions are unregulated.

Most also note that citizens who invest in cryptocurrencies do so at their own risk. Many warnings issued by various countries also note the opportunities that cryptocurrencies create for illegal activities such as money laundering and terrorism.

Extstock regulator

There are no licenses and certificates on the extstock.com crypto-exchange website.

Documents from extstock.com:

• Read the “Privacy Policy” on the Exchange website (See);
• Read the “User Agreement” on the website of the exchange Extstock (See).

User Agreement from extstock.com

In the user agreement, you can find information, general terms and definitions. For example, that the available cryptocurrencies for trading have been added in accordance with user requests. The service is not associated with cryptocurrencies and does not bear any responsibility for the actions of ICO organizers, developers and entrepreneurs. By choosing a trading instrument, the trader confirms that he is aware of and accepts responsibility for all related risks (price reduction, exclusion of cryptocurrency in accordance with the delisting policy and any other risks). The exchange provides equal rights to all users, but does not guarantee equal quality of communication.

Below is information about access to the service: By registering in the service, users agree to abide by the terms of use, and confirm that they are at least 18 years old. Users must ensure that they provide true, accurate, current and complete personal information during registration and agree to keep and maintain the information up to date. A user’s account will be suspended without the right to reinstate access to the account if it is determined that the user is interfering with and obstructing the service.

Customer Service

If a user has any problems or questions, you can always contact the technical support team. How do I contact the customer support team? By emailing [email protected] or by filling out a feedback form. The response can take up to 24 hours, but the waiting time is usually shorter.

 

Is ExtStock a scam?

ExtStock actively working with traders and liquidity providers. Over 90% of traders’ funds are stored in vaults disconnected from the Internet. The exchange offers its services 24/7, 365 days a year.

Judging by the reviews on the cryptocurrency forums, not all information on extstock.com is presented transparently. But is it possible to claim that Extstock is a scam? Naturally, no. There are many positive reviews about successful deals, exchanges and trades.

 

Conclusion

Perhaps a cryptocurrency platform ExtStock Suitable for more experienced traders. There are no training materials on the site. But in social networks the exchange has accounts with thousands of subscribers, where news are constantly updated and useful advice is given both for professionals in this field and for beginners.

Bitcoin (BTC) exchanges are already an integral part of the world of virtual currencies and its ecosystem in particular. Indeed, exchanges are the primary means by which many digital currency users transact tokens and paper currencies around the world. Today’s digital currency exchanges must successfully balance various regulatory, security and safety measures to reduce the likelihood of fraud and hacking. Extstock successfully meets all these parameters and requirements.